Egypt's Suez Canal revenues decline 4 pct to $431 mn in June

Ahram Online , Wednesday 15 Jul 2015

Revenues from Suez Canal declined 4 percent in June compared to the previous month

Suez Canal
Dredger float on a new section of the Suez canal during a media tour in Ismailia, Egypt (Photo: Reuters)

Egypt's Suez Canal revenues declined four percent in June to $431.6 million compared to $49.6 million in the previous month, according to Egypt's Information Portal (EIP).

The artificial waterway, which connects the Mediterranean and Red Sea, is the shortest marine route between Asia and Europe. It is one of Egypt's main sources of foreign currency, along with tourism and remittances from Egyptian expatriates.

Egypt's net foreign currency reserves stood at $20.1 billion in June, according to Central Bank data.

A new shipping route in the Suez Canal, that aims to boost its revenues, will be inaugurated on 8 August.

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